I haven't actually taken the Security+ exam, nor have I looked into it much. What I know is from reading [b]about[/b] it, rather than reading study materials or practice tests [b]for[/b] it. With that in mind, take my opinions with a grain of salt.
The point of the Security+ exam is not to make you a security expert. None of the CompTIA exams are meant to make you an expert at any given field specialization. They are meant to indicate a principles-based (as opposed to technologies-based) understanding of various parts of the important skillset for an IT generalist.
Because the CompTIA exams are meant to be applicable in perpetuity, they are necessarily not going to be very technology specific. Personally, I'd rather have someone on the payroll that already understands principles and has the ability to learn practical application than someone that understands practical application of some set of technologies and is relatively ignorant of underlying principles. The latter case, though, is what the Microsoft certs are for: they (necessarily) certify in a technology, and not in an understanding of underlying principles.
Understanding the principles is important for situations where new technologies must be learned. Any job that lasts more than a few months should definitely take the possible need of skills development in new directions in the hiring process. If an OS platform, a database platform, or some other technology platform or services application, must be migrated to a new solution, the tech-certified individual without significant understanding of underlying principles is going to be next to useless. Even if he or she learns how to go through the motions with the new system very quickly, that just leaves plenty of room for grave errors to be made based on a transferrence of assumptions from one platform to another.
CompTIA exams, in my experience and understanding, are principles-based. This means that people walking out of a CompTIA exam with a thorough understanding of the exam materials and a perfect score based on more than rote memorization will never be an instant expert with any implementation of current technologies (all else being equal), while an MCSE can get plugged into a given job like a grounded power cord into a wall socket and everything will click along in perfect working order from day one. Learning a specific application of technology is relatively quick and easy, though, with the principles behind it firmly in mind. Meanwhile, if you aren't familiar with the deeper principles, but only with the specific technologies, and the technology changes under you (as it does not only when you migrate from one platform to another, but also when a given platform significantly changes in a major upgrade), you may never catch up without either spending some quality time learning principles or going to another technolgies-based boot camp.
I don't know that it's possible to emphasize this enough: I value understanding of general principles far more than of specific technologies. Period.